In February, the Chinese government has informed Panama officials that the Chinese market is open to products that are processed, manufactured or assembled in the areas of free trade zones. So, at this point there are no restrictions standing between a business person in Panama and Chinese market unless there are some objections in either one of the governments. As a result, many companies from the US, Canada and the European Union, setting the assembly or production in the free trade zones of Panama in order to have access to the market of China.
Azofrap set five major goals until 2020. They include the expansion of the national economy, the strengthening of the logistics, creation of multimodal logistics centers with a global reach. In addition, it plans to expand public and private free zones throughout Panama, their number should increase to 50 by 2020. The new zones should be able to employ at least 45,000 professionals in different areas and the exports reach $ 450 million.
At present moment there are 16 free trade zones in Panama and all of them are almost 100% occupied.
